Excelsior Correspondent
JAMMU, Apr 9: Finance Minister Altaf Bukhari today launched ‘The J&K Bank Add on Working Capital-GST Scheme’ aimed at facilitating the business community particularly industry sector at an impressive function held at Convention Centre here.
Minister of Industries and Commerce (Click here to watch video) Chandra Prakash Ganga, Principal Secretary Finance Navin Choudhary, office bearers of Bari Brahmana Industrial Association, Gangyal Industrial Association, Birpur Industrial Association, Samba and Kathua Industrial Association, President and members of the Jammu Chamber of Commerce and Industry, members of Hotel and Restaurants Association, Katra and Trade Associations along with senior officials of J&K Bank were present on the occasion.
Speaking on the occasion, the Finance Minister said, “this scheme shall considerably strengthen the business enterprises that are facing stressed liquidity position due to Goods and Services Tax Regime which was an inevitable tax reform in the country”. He further said that such measures have the capability of creating a suitable environment for business stability and growth thereby benefiting the overall financial position of the State.
While commending the decades’ long service of J&K Bank, he said that JK Bank is the heartbeat of J&K State and its autonomy will never be tinkered. He appreciated the professionalism of the bank in serving the people of the J&K State. He apprised the industrialist and manufacturers about the concern of the Chief Minister Mehbooba Mufti who was consistently lobbying with the Central Government for suitable package for the industry in J&K on the lines of North Eastern States.
The Finance Minster advised the J&K Bank to improve the credit deposit ratio of the bank by enhanced lending in the State which will also have a salubrious effect on industrial segment and create job providers rather than job seekers.
Minister of Industries & Commerce, Chander Prakash Ganga said that Bank should be proactive in providing credit facilities to the industrial sector as entrepreneurship is the key to the development and financial prosperity of the State.
Earlier, while delivering the keynote and welcome address the Chairman and CEO JK Bank, Parvez Ahmed said, “taking cognizance of the genuine problem of our business clientele, JK Bank has devised an ‘Add on Working Capital- GST scheme’ loaded with special features”. “We understand that under GST regime, companies are facing the liquidity crunch due to advance remittances and this short term loan product will perfectly plug in the wait period thereby reducing the stress period of our business community to ensure healthy cash flow”, he added.
The facility, he further said, will be revolving credit facility at most competitive pricing of 9% without the hassle of much documentation. Parvez Ahmed said that being the premier financial institution of the State, Bank is cognizant of its systemic position in the financial landscape of J&K and is committed to ensure that events that can potentially disrupt the fragile business position in the state are dealt with innovative mechanisms.
“We are ever ready to offer handholding and right support system to make the businesses of our State more robust and the overall business transactions more conducive and transparent. Though the bank is passing through testing times and some residual pain was still existing in the balance sheet of the bank, yet this has not restricted us to walk an extra mile for the Business Community in J&K state by reorienting our business model”, he further said.
The function ended after a question answer session and with a vote of thanks by Sunil Gupta Vice President & Zonal Head of the Bank in Jammu.
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